Africa

The Gabonese Republic has released price guidance on its first benchmark Eurobond since 2015.

The Republic of Ghana is visiting investors in the US and London with a plan to print a dollar benchmark. But the delegation’s rumoured size has led to surprises before the meetings have started.

Ghana Cocoa Board, the central organisation for Ghana’s cocoa industry, will close a $600m syndicated loan this week, according to bankers. This loan is the borrower’s third outing in 12 months.

The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.

Resolute Mining, the Australian gold miner, has raised A$196m (£103m) via a transcontinental capital increase to repay a bridge loan used to fund its acquisition of Toro Gold in August last year.

The World Bank made its first visit to the Rwandan franc market last week, place what Dealogic indicates is the first deal in the currency since 2015.

Prosus, the international internet business spun off by South Africa-headquartered Naspers in September, has released initial pricing guidance for a 10 year dollar benchmark at a level two analysts called attractive, given the company’s 31% stake in Chinese tech giant Tencent.

Angolan national oil company Sonangol will soon launch syndication for a loan that could be as large as $1bn, according to bankers, though most expect the African pipeline in the early year to remain muted.

Danakali, an Australian potash company, has raised a $200m credit facility from African lenders. Proceeds of the syndicated facility will go towards funding the planned Colluli potash project in Eritrea.

Multiplex cinema chain Cineworld is betting on rapid expansion as it pours more billions into another North American acquisition. Cineworld, which is among the most shorted companies in the UK, plans to acquire Canadian competitor Cineplex in a $2.1bn deal financed by debt. This plan comes nine months after it made a $3.6bn acquisition in the US.

Investec has entered the loan market for the third time this year, taking a $450m two year term loan from a range of international lenders.

Renaissance Capital has added to its Nigerian investment banking team. The Russian bank continues to expand its offering on the African continent.